Scotiabank Expands Mental Health Benefit to $10,000 Per Year and Launches Mental Health Workshops for Employees in Canada
TORONTO, November 11, 2021 /3BL Media/ - Scotiabank announced it will be expanding its mental health coverage from $3,000 to $10,000 beginning April 1, 2022, for all eligible employees and their dependents in Canada. To equip people leaders for the important role they play in supporting mental health in the workplace, Scotiabank is also launching live mental health workshops on November 17 to all people leaders in Canada.
"We were concerned as we were seeing an increased uptake in use of mental health benefits and know employees are seeking support from their team and employer when it comes to mental health," said Dominic Cole-Morgan, Senior Vice President, Total Rewards. "Increasing our benefits coverage and support for mental health are necessary to help our team members to thrive for every future, and we're pleased to announce the expansion of our mental health coverage as part of our commitment to support employees and family wellbeing."
All employees eligible for the Canadian Benefits Plan and their eligible dependents will have $10,000 in mental wellbeing services as part of their core coverage, which includes services like clinical counsellors, internet-based cognitive behavioural therapy, psychologists and more. An option with the benefits plan also enables employees to assign funds into a Wellbeing Account where coverage for mental health support can be extended more broadly to family members beyond dependents such as parents, siblings and adult children living in Canada. Employees also have 24/7 virtual access to healthcare providers as part of Scotiabank's core coverage to further support mental and total wellbeing.
In addition to the expansion in mental health coverage, Scotiabank is investing in developing its leaders, providing training around mental health awareness and support. Beginning on November 17, people managers in Canada will be able to enrol in a new mental health workshop that will better equip them to support employees and reduce stigma around mental health in the workplace. To continue to build a safe environment in which employees are welcomed and supported to talk about mental health and other matters with their manager, the Bank will also host an internal global event for people managers to help them improve their one-on-one conversations and leverage these opportunities to be better coaches and supportive leaders of their team.
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future" we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of approximately $1.2 trillion (as at July 31, 2021), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.